If you enroll in the High-Deductible Health Plan (HDHP) you will be eligible for a Health Savings Account (HSA) that helps you save for out-of-pocket medical, dental and vision expenses. You will have the opportunity to add pre-tax contributions to this account via payroll deduction.

The City of Woodstock will contribute $750 annually to the Health Savings Account for individuals, and $1,500 annually into the Health Savings Account for family tiers of coverage.

You will receive a lump sum amount of either $250 or $500 depending on whether you are enrolled in employee or any other tier, on the first payroll after October 1, 2024.  The balance will be funded bi-weekly.  

Some benefits of an HSA are:

• The money in your account is your money. You may take it with you if you change employers, health plans or retire.
• The funds roll over year to year; there is NO “use it or lose it” rule.
• Funds can also be used for qualified dental, vision, and prescription expenses.
• Funds can be used for dependent qualified medical, prescription, dental and vision expenses even if the dependent is not covered under your health plan.
• Once you qualify for Medicare, the funds can be used to pay the premium on your Medicare supplemental coverage. Once you have secured Medicare, however, you may no longer contribute to your HSA.

* If an individual reaches age 55 by the end of the calendar year, he or she can contribute an additional $1,000